[LOGO OF MAGNA-LAB INC.]
0000 Xxxxxxx Xxxxxxxx Xxxxx 000X
Xxxxxxx, XX 00000
(000) 000 0000
October 31, 2005
Adv. Xxxxxx Xxxxx, Receiver of
Xxxx Investments in Technologies Ltd.
4, Itamar Xxx Xxx Xx.
Xxx Xxxx, 00000 Xxxxxx
Dear Adv. Lavie:
This letter is being delivered to you pursuant to Section 4(b)(iv) of the
Stock Purchase Agreement dated as of June 2005 between Xxxx Investments in
Technologies Ltd. (in receivership) by its Receiver, Xxxxxx Xxxxx, and the
purchaser party thereto, predecessor in interest to Magna Acquisition LLC.
For valuable consideration received by us, we hereby release Xxxx
Investments in Technologies Ltd., its Receiver and his attorneys, and its
successors and assigns, from any and all actions, causes of action, claims,
demands and suits whatsoever which we have or have ever had, or hereafter can,
shall or may have, against such persons, for, upon or by reason of any matter,
cause or thing whatsoever relating to the 30,772,729 shares of Class A common
stock of our company being sold by Xxxx Investments in Technologies Ltd.
pursuant to the above-referenced stock purchase agreement.
Very truly yours,
MAGNA-LAB, INC.
By: /s/ Xxxxxxxx X. Xxxxxxx
--------------------------
By: Xxxxxxxx X. Xxxxxxx, Ph.D.
Its: Chief Executive Officer
